no title

Tax credits fuel revival of urban areas

Letters Policy

The Dispatch welcomes letters to the editor from readers. Typed letters of 200 words or
fewer are preferred; all might be edited. Each letter must include name, home address and daytime
phone number.
Dispatch.com also posts letters that don't make it to print in
The Dispatch.

FAX

Also in Opinion

Subscribe to The Dispatch

Already a subscriber?
Enroll in EZPay and get a free gift!
Enroll now.

Tuesday February 12, 2013 5:11 AM

I enjoyed the Feb. 4
Dispatch article “Cities’ hearts beating strong ” about the revival of Ohio cities. Ohio’s
future success is tied to attracting and retaining entrepreneurs of all ages. We can do this by
having cool, appealing and walkable downtowns, large and small.

A lesser-known story is the impact that federal and state historic tax credits have had in
revitalizing our urban neighborhoods. Historic tax credits have incentivized investment in the
rehabilitation of underutilized and vacant historic buildings. Once-blighted buildings have become
income-producing, tax-producing, neighborhood-creating landmarks ( i.e. the Seneca Hotel at Grant
Avenue and E. Broad Street.)

Since 2007, more than $2 billion in projects have been approved in 34 communities across Ohio. A
2011 economic-impact report conducted by Cleveland State University showed that for each $1 million
in tax credits, 83 construction jobs were created and 298 jobs were added in operations, for a
total $40 million in economic activity, which is a great return on investment.

The Ohio Historic Preservation Tax Credit is a competitive application process, paid only after
completion. In fact, this is the only Ohio tax credit that requires economic impact as a qualifying
factor.

These are the tools being used to successfully revitalize Ohio’s communities.